From the desk of Kevin Still
The number of customers in arrears with their mortgages continued to fall in Q4 2021 despite the pandemic and the Chancellor schemes closing in September 2021. Possessions fell in the final 3 months of 2021, following a year of increases from a low base, helped by an industry moratorium on possessions over the festive period.
Overall, there were 79,620 homeowner mortgages in arrears of 2.5% or more of the outstanding balance at the end of December 2021, a reduction of 750 homeowner mortgages compared with the previous quarter. This is 5% lower than the same period a year prior.
Within the total, there were 26,850 homeowner mortgages in early arrears (those between 2.5% and 5% of balance in arrears), a decrease of 2% on the previous quarter and 14% fewer than the same period in 2020. These early arrears figures remain substantially lower than the numbers seen before the pandemic began. These will be monitored as interest rat...
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